HALISTER: Reckitt Benckiser to Buy Mead Johnson for $90/Share in Cash

Reckitt Benckiser to Buy Mead Johnson for $90/Share in Cash

(Bloomberg) -- Reckitt Benckiser to acquire Mead Johnson Nutrition for $90/share in cash, valuing Mead Johnson’s equity at $16.6b.
  • Total value of transaction $17.9b including Mead Johnson’s net debt
  • Estimated GBP200m in annual cost savings by end of third full year
  • Expected to be accretive to adjusted diluted EPS in first full year and double-digit accretive by third year
  • Committed debt financing in place, Reckitt expects to retain a strong investment grade credit rating
  • Subject to shareholder and regulatory approvals, expected completion by end of 3Q 2017
  • Statement
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
MJN US (Mead Johnson Nutrition Co)
RB/ LN (Reckitt Benckiser Group PLC)

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UUID: 7947283

(2) *RECKITT BENCKISER TO BUY MEAD JOHNSON FOR $90/SHR IN CASH

*RECKITT BENCKISER TO BUY MEAD JOHNSON FOR $90/SHR IN CASH

Alerts: HALISTER, HALISTER1
Source: BN (Bloomberg News)

Tickers
MJN US (Mead Johnson Nutrition Co)
RB/ LN (Reckitt Benckiser Group PLC)

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UUID: 7947283

HALISTER1: Nigeria Anti-Graft Agency Recovered $335m in 2016: Punch

Nigeria Anti-Graft Agency Recovered $335m in 2016: Punch

(Bloomberg) -- Economic and Financial Crimes Commission seized sum in cash and assets, Lagos-based newspaper reports, citing commission’s acting Chairman Ibrahim Magu.
  • Magu was defending a request for lawmakers to increase the EFCC’s staff budget to 9.6b naira from the approved 7.1b naira
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER: ArcelorMittal FY16 Sales Misses Est.

ArcelorMittal FY16 Sales Misses Est.

(Bloomberg) -- ArcelorMittal FY16 sales $56.8b, est. $57.4b (range $55.8b-$58.7b)
  • 4Q operating income $800m
  • 4Q net income $403m
  • 4Q iron ore shipment 8.10 Mt
  • 4Q iron ore production 13.90 Mt
  • 4Q steel shipment 20.00 Mt
  • 4Q steel production 21.80 Mt
  • FY16 Ebitda $6.26b, est. $6.14b (range $5.90b-$6.34b)
NOTE:
  • 15 buys, 15 holds, 2 sells before today
Statement
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
MT NA (ArcelorMittal)

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UUID: 7947283

HALISTER1: INDIA RATINGS: Aarti Steels Upgraded to A-

INDIA RATINGS: Aarti Steels Upgraded to A-

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
  • To get this story sent to your inbox real-time, run NI INRATINGS , click on Display & Edit, then Set Alert Delivery
UPGRADE
  • Aarti Steels
    • Long-term fund based limits raised to A- from BBB+ at ICRA
    • Cites higher-than-expected profitability, cash accruals
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
0180291D IN (Aarti Steel Ltd)

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UUID: 7947283

HALISTER1: Buy 10-Year Malaysian Bonds as Bearish View Overdone: StanChart

Buy 10-Year Malaysian Bonds as Bearish View Overdone: StanChart

(Bloomberg) -- Investors should buy 10-year Malaysian govt bonds at 4.11% on an unhedged currency basis, analysts at Standard Chartered including Lawrence Lai, write in note Friday.
  • Position targets 10-year yield at 3.8% with stop-loss 4.30%
  • Current bearish outlook for MYR debt may overstate the risks as curve steepening pressure from USTs has eased and BNM still has room to lower policy rate
  • Supply risk for long-end MYR debt is higher in 2017 but local demand is constructive and negative foreign sentiment towards ringgit notes has eased
  • Valuation-wise, total returns for MYR debt are attractive among low-yielding Asian local currency
    • 10-yr Malaysian bonds offer 142-bps pick-up over similar-maturity Thai debt
  • MYR is undervalued as it has lost 7% since February 2016 while crude prices have climbed 180% during the period
  • NOTE: Malaysia 10-year yield up 2bps to 4.13%
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Lai Yew Son (Lai & Co)
Lawrence Lai (Standard Chartered PLC)

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UUID: 7947283